The labor market continues to weaken under the surface: The number of permanent job losses jumped by 105,000 in April, to 1.92 million, the highest since October 2021. Since September 2022, permanent job losses have jumped by 737,000, or 63%. The number of people who have been terminated involuntarily and are actively seeking new employment has risen for 26 straight months. In the past, such a long streak has rarely occurred outside of recessions. Meanwhile, the number of job losers not on layoff, people who are not expected to be recalled to work, reached 2.59 million last month, the second-highest since October 2021. The job market is deteriorating.